Transfer embargo at Coventry

Coventry have confirmed that they have been placed under a

transfer embargo after missing the deadline to submit accounts to

the Football League.

The club are still locked in rent and revenue negotiations with

Arena Coventry Limited, owners of the Ricoh Arena.

Coventry’s accountants are unable to produce projected budgets

until their deadlock with ACL has been resolved, and were unable to

meet Thursday’s deadline for filing accounts.

Chief executive Tim Fisher said: “The situation regarding rent

and revenue negotiations with ACL is very well documented and

without a clear route forward, we are unable to project our budgets

for the coming 12 months.

“That means we are unable to file the accounts which results in

an embargo.

“The owner has continued to fund the club over the past five

years, to the tune of close to ?45m, showing huge commitment to the

club.

“That commitment remains but we have to build a strong and

sustainable future if we are to put quality onto the pitch and meet

the new rules under Financial Fair Play.

“As a board, we will continue to work as hard as we possibly can

to try to prevent the off-the-field matters impacting on the pitch

but, clearly, in this instance it hampers any room for manoeuvre we

have should we need to bring anyone in over the next three

weeks.”